Many pundits believe that now is a good time to buy a home. Interest rates are low and are predicted to be higher by the end of next year. Home prices are still low in many places. And, there are indications that prices are starting to rise, at least in major metropolitan areas. From June to July, the S&P/Case-Shiller Home Price Index rose 1.6 percent in 20 big cities in the nation.

Although buyers are clamoring to buy, don’t make the mistake of buying now just because many people are house hunting. Before jumping into the fray, ask yourself the following questions: